Tuesday, March 15, 2011

GE's Immelt 2010 Compensation More Than Doubled to $15.2 Million

GE, who designed all 6 reactors at #Fukushima I Nuclear Power Plant (reactors No.1-5 are Mark 1, reactor No.6 is Mark 2) and supplied three of them (No.1, 2, 6), generously gave its CEO $15.2 million dollars compensation for .... What did he do, other than being photographed with Obama?

From AP (3/14/2011; emphasis added):

FAIRFIELD, Conn. (AP) -- General Electric Co. Chairman and CEO Jeffrey R. Immelt's 2010 compensation more than doubled to $15.2 million as the company benefited from a recovering economy.

Immelt's $3.3 million salary was unchanged from the previous year, according to an Associated Press analysis of a company filing on Monday. But he got a $4 million bonus in February for his work in 2010, after getting no bonus for two years in a row. And the company gave him stock options valued at $7.4 million.

His 2009 compensation package amounted to about $5.6 million.

GE's directors decided that Immelt "performed very well in 2010" and beat their goals for him in four financial measures, including earnings from continuing operations, cash generated, and profit margins, according to the filing.

Immelt also received $389,809 in other compensation, almost all of it for his personal use of the company plane. GE said that on Nov. 22, the company and Immelt made a deal where he will lease aircraft from GE for his personal use and pay the actual expenses for each specific flight.


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